Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1887-05-06
ON WALL STREET.
There was an Increased Business In
Stocks Yesterday; the Closing the
Best Prices of the Day.
Railway Bonds Show AdvancetThe Amer
lean Cotton Markets Excited by a
Big Advance in Futures.
COMMERCIAL RESUME.

J COMMERCIAL RESUME.
| Special to the Gazette.
NEW YORK, May Railway bonds
to-day sold as follows: Fort Worth and
Denver City at 944; Texas and Pacific
incomes at So; Rios ct III; Kans
and Texas 6's at 1908; do rs at 1124;
Houston and Texas Central at 73s;
Missouri, Kansas and Texas 6's at 101.
! Money 41@5 per cent.
Governments closed dull.
| Sterling dull aud steady.
! Oil closed at 661.
| Coffee Is points higher.
Wheat excited and higher.
The operators of the Cotton Exchange
were startled this morning by a turn OF
the market. This morning June quickly
advanced to 1896 and on the second
call brought lie amid cheering, winning
great many bets that this crop would
bring that price. The anomaly was con-
tinued in the sale of May and June OPP
lions at about the same price and August
eight points below June. The twist is
said to be due to purchases for Liverpool
account. The first sensatiOn of the day was
| furnished by sudden jump of over seven
points in Fort Worth and Denver City A
rise like this naturally started inquiries
as to the cause, and various theories were
advanced to account for it, one being to
| the effect that some of the prominent
western roads now building to cOnnec-
ton with the Fort Worth were working
to secure control of the property, and an
other that the large gain in traffic had re-
Gently lead to some heavy buying. The
| fact of the matter is that the insiders
have been buying the stock on its earn
ings, and the prospect OF Its be-
coming a trunk line when the
extensions are finished, and in
this operation they have been assisted by
material reduction in the floating sup
ply of the stock brought about in mat
ter not generally known to the public. 1t
appears that the subscribers to the Con-
structiOn Company were required by their
terms of subscription to buy seventy-tiVe
shares of Fort Worth for every
$4,000 taken, the stock to be locked
up in the Trust Company for two years
and the power to vote on the
same to be given to the construction
company. Receipts were issued for the
deposits, but as these sold lower than the
stock subscribers sold the latter and
thus practically placed themselves short.
A movement to cover to-day started the
rise, but the shorts were supplied at so,
and accordingly the upward movement
stopped there. The stock was in good
supply in the loan crowd at per cent.
Special to the Gazette.
FURRY IN COTTON.
GALVESTON, TEX, May 5.-The Ameri-
can cotton markets were excited to-day,
ioI Nc&o md
near futures. Liverpool opened half
point lower, which was disappointing
considering the advance recorded yester-
day by New York and New Orleans, but
Liverpool had no effect upon New
York, which opened one point bet
ter for July. June opened 10 70,
advanced with Tapidity to 1890,
where it rested for half an hour and then
spurted again, touching 11c., quickly re-
acting and closing at 1898 with a net
gain of points over last nights closing.
May jumped 20 points and did not react
not participate in the advance to any
points higher and August l point,
ruled steady, closing one to two points
vissibly affected by the excitement IN
New York, ruling steady at the advance of
two to three points which was well main
tanned. All the spot markets closed
steady and firm with an advance of &c at
New York and &c at Philadelphia, Will
mington and Galveston.
GOVERNMENTS, STOCKS AND BONDS.
NEW YORK, May 5.-There was more
business at the Stock Exchange to-day,
and continuance of the advance begun
yesterday. The bears ran to cover prin-
cipally because of the breaking down of
their arguments on the i'll effects of the
inter state law, the latest reported earn
ings for the last week in April being IN
usually favorable The opening was
steady to firm, and was fol-
lowed by moderate business, in
which Reading and New England |
led. Fort Worth and Denver attracted |
attention by its strength. Rock Island |
later took the place of the former, but it's |
advance did not eliminate till that on the |
general list, which was shortly after l |
O'Clock. The market under the lead of |
the grangers showed appreciation of val |
ues, which was accompanied after l |
O'Clock by marked increase in the bust |
ness done. A fractional reaction was |
started towards p. m :, but it was checked |
before the close, which was quiet but |
steady to firm, at the best prices of the |
day.
Railroad bonds were decidedly active. |
The closing figures generally show ad- |
vances.
Government bonds dull and steady.